Contract management is a crucial part of any successful business. Regardless of the type or size of your business, you are sure to encounter legal contracts. When you do, it’s essential to have a system in place to ensure that contracts are created, negotiated, and managed effectively.
We have compiled a list of the best software products available to help you digitize and streamline your contract management.
How We Created Our Contract Management Software List
We followed a detailed method to rank the best contract management software of 2022.
- We used Software ranking services to narrow our search to the top 50-100 contract management software products.
- Then we focused on Key MetaData and Top Features and used multiple review platforms to get a more detailed overview of each software.
- Next, we accessed product demos and recorded some of our own demos to build our analysis further.
- After that, we evaluated the usability of each contract management software by looking at UX/UI design features.
- Finally, we assessed search intent data and website traffic trends, focusing on Google Trends and Social Listening tools.
How Can Our Contract Management Software List Help Your Company?
Our contract management software list is a great starting point for finding the perfect software solution. We have included a wide range of software providers to reflect the current market accurately.
We have made sure only to include affordable products with an array of remarkable features. Always keep your specific requirements in mind when deciding – for example, functionality, price, usability, etc.
To make our ranking process as accurate as possible, we accessed the software demos and used our experience with each product to inform the ranking process. When feasible, we recommend you take advantage of software demos to gain first-hand experience with different contract management software.
Contract Management Software Overview
Contract management software is also known as contract lifecycle management (CLM) software. It creates, negotiates, signs, renews, and stores valuable business contracts. It can replace the manual admin involved with physical contracts to increase the speed and accuracy of contract management.
What is Contract Management Software?
Contract management software can automate vital processes to save time and reduce the risk of human error. With the help of this article, you can find a contract management solution to handle all the stages of a contract’s lifecycle.
- Preparing documents
- Sending agreements to third-parties
- Negotiating contracts
- Approving contracts
- Making amendments and renewals
- Completing audits for compliance
- Storing agreements securely
What Does Contract Management Software Do?
Contract management software simplifies every element of designing, editing, negotiating and finalizing a legal contract. The top providers arm you with all the tools to make contract management a breeze.
The best contract management software on the market provides businesses with handy templates to handle large volumes of contracts efficiently. The software can also automate contract approval by ensuring every arrangement is scrutinized by the right people before signing off.
Other vital functions include sending alerts to missed or expired contracts and facilitating collaboration between parties. Once arrangements have been created and agreed upon, e-signing and secure storage allow contracts to be completed and kept safe for future reference.
How Can Contract Management Software Help My Business
Contract management software can help your business in several ways. It allows small businesses to grow by arming them with the tools needed to handle large volumes of contracts.
It can also help you avoid legal complications by ensuring contracts are filed on time, renewed when needed, and thoroughly reviewed before submission. Contract management software can streamline the onboarding process and allow your business to go paperless.
Other benefits include that businesses don’t need to rely on external services to manage their contracts and can self-serve with CLM software. This software can save you and your business precious time, money, and effort.
Key Features of Contract Management Software
Contract management software can be very beneficial to you and your business. Below, we’ve broken down six of the key features of contract management software.
Contract Templates
With Contract management software, you can create custom templates. Personalize the content and design of each contract so they always look great. Many software products allow you to save commonly used fields/terms and generate new contracts based on previous ones.
Automated Approval
Contract management software allows you to set up a workflow so that every contract passes through the right people. Automated approval systems streamline contract management and ensure documents are reviewed before completion.
Alerts System
Receive notifications of contract changes, renewal dates or submission deadlines with contract management software. This can be helpful in every aspect of business, including the onboarding process. Alerts can be sent via emails or integrated messaging services like Slack.
Digital Negotiation
Contract management software enables multiple parties to edit contracts and track changes in real-time. Users can add comments and tag individuals to alert them to significant clauses or sections. Businesses can conduct negotiations online rather than in person, making life easier for everyone involved.
E-Signing
Most contract management software will use in–built or third-party e-signature technology. This speeds up the contract management process and eliminates the need for heaps of paperwork. Parties are automatically emailed a PDF version of fully signed contracts to view at any time.
Audit Trails
Having a record of all the versions, conversations, and edits surrounding a contract is essential. Contract management software automatically stores vital information, which could prove imperative if the contract is disputed or any legal issues arise.
Secure Storage
Your contract management software can securely house all of your contracts, templates, standard clauses, etc. Documents are easily accessible, and you can set permission levels for different employees for maximum security.
What Are The Benefits Of Contract Management Software?
Contract management software provides you with the tools to always stay on top of your business’ legal documents. Read on to explore the most significant benefits of contract management software and examples of their usage.
Speed
Creating a contract from scratch can be time-consuming, but CLM software provides templates to improve speed and efficiency. Contracts can be managed digitally, at scale, and without tedious manual processes.
Collaboration
Parties involved in a contract can make and track changes in real-time on a live document. Direct negotiations foster positive working relationships, which constitute a significant business asset. Individuals don’t need to waste time on phone calls or physical meetings and can instead rely on technology to aid in negotiating contracts.
File Sharing
Once a contract is finalized, you can easily share it with colleagues or other parties via email links. Thanks to digital intervention, contracts don’t need to be posted or physically handed over.
Search Function
With contract management software, you don’t have to sift through filing cabinets bursting with contracts to find the one you want. The search function allows you to see concrete results in milliseconds, which can be very useful for contract audits.
Security
When dealing with sensitive contracts, you need secure storage to keep your data safe. Many contract management software products offer encryption and robust cyber security to keep contracts from prying eyes.
Scalability
A significant benefit of CLM software is that you can increase the number of contracts created without needing extra employees or budget. Even small businesses can handle large volumes of contracts and grow their business more efficiently.
Factors To Consider When Choosing A New Contract Management Software
Five of the most important factors to consider when choosing a new contract management software:
- Usability. Finding a contract management solution that is straightforward to install, run, and monitor is crucial. It should be accessible to your entire team and not require complex training to navigate.
- Automation. It’s essential to choose a software product which automates administrative tasks. The best options eradicate the need for physical contracts and operate entirely online.
- Data Protection. Contracts often contain sensitive information, so data protection is a priority. Opt for a contract management product that offers data encryption and secure storage.
- Technical Support. It’s helpful to go with a provider that offers reliable technical support. If issues arise, you need the reassurance that this won’t cause massive disruptions and that there’s a team on-hand to assist you.
- Integrations. Many CLM solutions offer integrations with calendars, email providers, messaging services, e-signature tools, etc. Integrations can improve the overall functionality of software services and can be highly beneficial to your business.
Which Companies Should Buy Contract Management Software?
All businesses, regardless of size or industry, should consider looking into contract management software.
This software can be helpful for any company with multiple employees. Contract management software can streamline onboarding processes and help you remain compliant and organized when it comes to employee contracts.
It’s also beneficial for businesses that offer services to clients and require contracts for legal purposes. Legal, HR, sales, procurement, and finance teams may use contract management software.
What does Contract Management Software Cost?
Contract management software can range from $59 to $775 per month. Pricing depends on the volume of contracts and the number of users required. The higher-end software products tend to have more features and target larger established businesses. Most providers offer subscription and payment options.
Trends in Contract Management Software
The digital world is becoming increasingly important in the daily life of business owners, employees, and customers. Below, we will summarize some critical trends in contract management software.
- Remote Workers. Fully remote work is becoming increasingly popular, which has increased the demand for digital contract management and sped up technological advancements.
- COVID19. The pandemic highlighted the importance of adapting to new situations with minimal disruption. More flexible contract infrastructure means your business can thrive, even in unforeseen circumstances.
- Data Privacy. There’s been an increased urgency and awareness of data privacy in recent years, thanks to the General Data Protection Regulation (GDPR). CLM software ensures compliance to guarantee legal adherence and build customer trust.
- AI Technology. AI is being utilized by contract management software to analyze agreements for opportunities and risks. This technology can even review the language used to identify unclear, outdated, or risky terms.
- Climate Awareness. Contract management technology can eliminate the paper-intensive processes that are traditionally involved. This reduces the environmental impact of managing agreements.
- Self-Serving. Businesses constantly strive to improve customer and employee experience with simple onboarding processes. With recent technology, parties can fill, sign and send required documents on any device from any location.
Which Is The Best Contract Management Software?
Our experts have conducted in-depth research to find and rank the best contract management software available. This list is updated regularly to give you a comprehensive overview of the contract management software market.
We recommend using this article as a basis to judge which software product will work for you and your business. Beyond this, it’s worth trying out free trials and demos to get a feel for how these products work in day-to-day life.
How To Pick the Best Contract Management Software For Your Company
Read through our list of the best contract management software of 2022 and consider the strengths and weaknesses of each product listed. Narrow your search to 2-3 options and determine whether they offer a free trial or demo before making a final decision.
Research is crucial to choosing the perfect contract management software for your company. Arm yourself with as much information as possible to be confident that you’re making the correct choice.
Rundown of the Best Contract Management Software
A contract management system can benefit your business immensely. Reduce admin tasks for your team and allow technology to handle the bulk of the work. Free up valuable time to work on other areas of your business and strive toward growth and development.
Contract management software can allow your business to handle large volumes of contracts with accuracy, speed, and efficiency. Rest easy knowing vital data is stored securely and compliance is consistently met.
Discover the best contract management software today with our detailed list.